Bank of England expected to raise interest rates again next week - what to expect
manchestereveningnews.co.ukInterest rates could rise again next week due to ongoing pressure on the Bank of England, but it may not be as bad as previous months.
Most economists are under the impression that the Bank will raise the bank rate by 0.25 percentage points on Thursday. If this does happen, it will be the 14th consecutive increase from the Bank.
However, experts believe the latest UK inflation data has lifted some of the pressure of the Bank because it showed a larger-than-expected slowdown in price rises.
In June, the Consumer Prices Index (CPI) inflation was 7.9 per cent, down from 8.7 per cent in May and the lowest rate since March 2022, according to figures from the Office for National Statistics (ONS). Try MEN Premium for FREE by clicking here for no ads, fun puzzles and brilliant new features It comes as both the European Central Bank (ECB) and the US Federal Reserve hike up respective interest rates to two-decade highs this week.
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